Cryptocurrency

Rain becomes the first licensed crypto exchange in the Middle East

Rain becomes the first licensed crypto exchange in the Middle East

Rain stock exchange has become the first licensed cryptocurrency exchange in the Middle East after receiving a regulatory license from Bahrain’s central bank.

The central bank of Bahrain granted Rain exchange a license after meeting requirement on asset and cryptocurrency activities, which include licensing, governance, capital, environmental control and risk Management.

Rain confirmed in a blog post on July 31 that it had obtained a license from the Central Bank of Bahrain's Asset Encryption Unit (CRA).

Rain announced that it managed to raise funds worth $2.5 million, with the support of partners including V.C. derivatives encryption giant BitMEX.

“Through licensing, we have demonstrated our commitment to the terms of the encrypted assets unit in terms of capital adequacy, cybersecurity, insurance, reporting, governance and other matters that ensure our readiness to provide our services to both institutional and individual clients,” Rain said.

It is worth mentioning that he Middle East market has traditionally proven to be a difficult environment for cryptographers, especially those involved in trading.

Meanwhile, the Bitcoin rose more than 3 percent to $9,853, Ripple currency was up by more than 1.2 percent to $0.32. Ethereum augmented 3 percent to $216 and Litecoin surged 6 percent to $96.

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